Is the housing market slowing down (Seattle: real estate, apartments, rental market)

[Hacker1234]

I am noticing homes go on the market and just sit, some have been cutting prices.

[wahoyaho]

Yes

[homesinseattle]

Hacker,

Just a little, depending on the home and the area. Example: I have some buyers in the $1.5 mil range in Seattle right now. We lost twice in the last few weeks in bidding wars in Wallingford and Montlake, the homes arguably were priced too low so got bid up beyond my clients' comfort zone. We tried again last night and won, on a place in Bryant area near U Village that had been on market for 10 days, a fair amount of interest but hadn't quite gotten an offer yet. It was listed for 1.49 mil, my clients wanted to offer full to secure it. I encouraged them to let me negotiate a little. We bid $1.45mil, secured it for $1.47mil.

[thatguy950]

Well I think a lot of the people who were moving and house hunting probably started earlier and settled in ahead of the school year in order to get their kids into a district they were shooting for. I wouldn’t be surprised if it ramps up again early next year

[Flightoficarus87]

I'm starting to notice it in the rental market. I've seen some apartments sit long enough for small rent drops to happen recently.

Could just be the eye before the rest of the storm, though.

[Bluefox]

Well, if the feds keep raising interest rates it’s going to keep impacting purchasing power. Simple economics. Trees don’t grow to the sky, as they say.

[Hemlock140]

We are seeing homes stay on the market a week-10 day’s now, while they were selling in a day or two, especially in the lower price range $700-800k.

[flyingsaucermom]

Local real estate agents are grumbling. They're calling it a "shifted" market.

[homesinseattle]

Originally Posted by flyingsaucermom

Local real estate agents are grumbling. They're calling it a "shifted" market.

Saucermom, I actually like it. Homes are lasting sometimes 10-14 days. Some sanity is most welcome.

[Ira500]

Originally Posted by flyingsaucermom

Local real estate agents are grumbling. They're calling it a "shifted" market.

Depends which side you represent. Buyers agents have had it more difficult the last few years, with multiple offers on the same property. I've been happy when I've had listings, which sold in a week, but working with buyers, it means putting in many hours for free. But yeah, I'm not grumbling either. We need a healthier market so more than just very highly compensated people can buy homes. Plus I think development has gone crazy, and hopefully a bit of a slowdown will slow that down.